Fixed Cash ISA Account

Tax-Free Savings with our Fixed Cash ISA

Maximise your savings with a Fixed Cash ISA from Serve and Protect - secure and tax-free.

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Your go-to choice for tax-free savings

Serve and Protect is committed to offering its members the best choices when it comes to savings, and this includes a range of different types of saving accounts. Our Fixed Cash ISA account gives you a guaranteed return of 4% AER for 2024/25. 

Why choose our Fixed Cash ISA account?

The benefits of our Fixed Cash ISA account is clear for all to see:

Deposit lump sums

You can open your Fixed Cash ISA with a deposit from as little as £5 up to £20,000.

Attractive return

Earn 4% AER for the 2024/25 tax year and benefit from a tax-free interest payment.

FSCS protected

Deposits are fully protected up to £85,000 by the Financial Services Compensation Scheme.

Transfer your ISA

You can transfer-in an existing Cash ISA, but only up to the value of your 2024/25 ISA allowance of £20,000.

Free life cover

If the worst should happen while you are a member of Serve and Protect, we’ll match the first £25,000 saved and your family will receive the total amount.

How our Fixed Cash ISA account works

Our savings accounts are easy to manage. Fixed Cash ISA users can enjoy the simplest of processes:

Become a member

To open a Fixed Cash ISA, you’ll have to become a member first. Don’t worry, it’s free and simple to join!

Complete simple application

Our simple application process can be completed in just a few minutes. Existing members can apply via the form below. 

Deposit your funds

Once your account is set up, you can deposit up to a maximum of £20,000. 

Frequently Asked Questions

To open our Fixed Cash ISA account, you must be:

  • at least 16 years old and be resident in the UK for tax purposes.
  • a resident in the UK.
  • working as a Crown employee serving overseas and paid out of the public revenue of the UK — typically a serving member of the armed forces or a diplomat, if they are not resident in the UK.
  • married to, or in a civil partnership with, an eligible person.
  • a member of Serve and Protect Credit Union. If you are not already a member, you can join for free here!

Once your account is set up, you can manage your account online via our mobile app.

The minimum deposit required to open this account is £5. The maximum deposit is the 2024/25 ISA allowance of £20,000.

You can continue to make payments into your Fixed Cash ISA during its lifetime as long as you remain within the ISA regulations and ISA allowance for each tax year.

These limits are subject to HM Revenue & Customs rules.

We will only accept Cash ISA transfers up to the value of the 2024-25 allowance and subscription limit of £20,000.

You can transfer money held in existing ISAs (whether they are with us or another ISA provider) into a Fixed Cash ISA.

Please note: If you open a Fixed Cash ISA to transfer in an existing ISA, you will need to make a new subscription.

These limits are subject to HM Revenue & Customs rules.

The interest rate is 4% AER.

Interest will be paid annually at the end of the product term, which is 5th April 2025. This will be paid into your Fixed Cash ISA 2024-25.

Any withdrawals will automatically close your Fixed Cash ISA.

You can take money out and close your Fixed Cash ISA whenever you wish, with no notice, although our standard 60 day interest penalty will apply for withdrawals made before the agreed subscription term.

There are no charges applied to your Fixed Cash ISA, but there is a 60 day interest penalty charge for any early withdrawals. 

You will be charged whatever figure is lower, the total interest earned to date, or the 60 days of interest charged.

If you want to close your Fixed Cash ISA and withdraw all the money, you can do this at any time and without notice, but will be subject to the standard 60 day interest penalty.

You will be charged whatever figure is lower, the total interest earned to date, or the 60 days of interest charged.

Rest assured, all our savings products are protected by the UK’s Financial Services Compensation Scheme (FSCS), guaranteeing your savings up to £85,000. Any deposits exceeding the current limit are not covered. For additional details about the FSCS, please visit www.fscs.org.uk

To open a Fixed Cash ISA account, you’ll need to become a member of our credit union. It’s free to join and you can access your savings anytime!

The current tax year ISA allowance (6 April 2024 to 5 April 2025) is £20,000.

You can split your annual ISA allowance across the different ISA types – Cash ISA, Stocks and Shares ISA, Innovative Finance ISA and Lifetime ISA – or save the whole allowance in one type of ISA (apart from the Lifetime ISA, which has a limit of £4,000).

Serve and Protect Credit Union offer a Fixed Cash ISA only. This will be classed as one Fixed Cash ISA for the purposes of tax-free allowances and HMRC reporting.

If you’ve got existing ISAs with other providers from previous tax years, these don’t count towards your £20,000 annual allowance.

When your 2024/25 Fixed Cash ISA matures, and after the interest is paid, the balance will remain in the Fixed Cash ISA and then revert to our standard annual Fixed Cash ISA rate thereafter.

Alternatively, you may wish to transfer your money to another available Serve and Protect Credit Union account or withdraw it to another account.

All our savings accounts include free life cover up to £25,000 (up to the age of 65). This means, should the worst happen, your savings could be doubled up to the first £25,000, allowing you to support your family when they need it most. 

The free life cover benefit is subject to the terms and conditions of Serve and Protect Loan Protection and Life Savings policies, arranged by CMGL and underwritten by Covea Life Ltd. Note that this protection is a benefit of membership provided at no extra cost to the member. The Credit Union is the policyholder for

  • Interest is paid gross without the deduction of income tax and doesn’t count towards your Personal Savings Allowance.
  • If you change your mind within 14 days of opening your account, we will cancel your account without penalty or notice.
  • You can request to transfer in ISAs held with other providers at account opening stage only. 
  • *AER stands for annual equivalent rates and illustrates the interest rates if it was paid and compounded once each year.
  • Your annual ISA allowance for the 2024/2025 tax year is £20,000. You can split the allowance across the different ISA types – cash ISA, stocks and shares ISA, innovative finance ISA and Lifetime ISA – or save the whole allowance in one type of ISA (apart from the Lifetime ISA, which has a limit of £4,000). We only provide a Fixed Cash ISA.
  • You can make deposits up to £20,000 from your nominated UK bank or building society account. You can also transfer existing ISAs from other providers into this account, up to the current ISA allowance limit for the tax year.
  • We reserve the right to withdraw this account at any time.

How to apply?

To open a Fixed Cash ISA account, you must be an existing member of the credit union.

If you’re already a member, you can request a Fixed Cash ISA by completing the form below.

Fixed Cash ISA Rates

Below, you’ll find an archive of the Fixed Cash ISA rates we’ve paid, allowing you to easily track what was provided and when.

Tax yearEffective periodAER (Annual Equavalent Rate)
2024/202506.04.2024 - 05.04.20254.00%

Standard ISA Rate – Our Standard ISA rate is currently 1%. This is the rate you will receive on any Cash ISAs held with us from previous tax years.

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